@M-MTax
You're making unproven assumptions as well. What would really be needed (I suppose) is to determine the actual percentage of ownership that was gifted each year. Something like this (which also takes into account the improvements, which are added to the basis when made).
| Year |
FMV |
Amount of gift |
Percentage of FMV transferred |
Basis |
Amount of basis transferred |
| 2010 |
$185,000 |
$26,000 |
14.0% |
$185,000 |
14.0% |
| 2011 |
?? |
$26,000 |
?? |
?? |
?? |
and so on.
